The global cannabis market revenue was valued at USD 43.72 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 34.03%, reaching USD 57.18 billion in 2023 and USD 444.34 billion by 2030. This remarkable growth is primarily attributed to the increasing recognition of cannabis's therapeutic applications and proven medical benefits.
These insights are highlighted in Fortune Business Insights™'s report, "Cannabis Market, 2023-2030."
Cannabis, a genus of flowering plants with well-documented therapeutic, medical, social, and spiritual uses, has been utilized for thousands of years. Modern cultivation often involves crossbreeding the three primary species—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—to create hybrids with desirable traits from multiple species.
The global push for marijuana legalization continues to gain traction as its medical and therapeutic benefits become increasingly recognized. According to the United Nations Office on Drugs and Crime (UNODC), cannabis remains the most cultivated, trafficked, and widely used drug worldwide. Notably, in June 2022, Thailand decriminalized the production, sale, marketing, and use of all parts of the cannabis plant. This move not only highlights its medicinal value but also supports economic growth by promoting cannabis and hemp as profitable cash crops.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
List of Key Players Mentioned in the Report:
Segmentation:
Flowers/Buds Segment to Witness Significant Growth Driven by Rising Demand